The technological industry is indeed very important, the mistake is thinking VR goggles and chatbots are somehow the only or even particularly relevant form of technology. Europe is of course full of high technology firms, (the awkwardly named https://en.wikipedia.org/wiki/Blue_Banana) contains a non trivial amount of high value added industry in the world.

What we need more of these days is 155 mm shells, chip fabs, nuclear power plants, solar cells and rail, not Facebook and Apple equivalents complaining about regulations.